GM Second-Quarter Results Show Business Resiliency
(CBS DETROIT) - General Motors Co. (NYSE: GM) reported solid second-quarter earnings, despite significant impacts to production and wholesales as a result of the COVID-19 pandemic. The results reflect actions GM has taken over the past few years to be more resilient.
Second-quarter 2020 results:
- EPS-diluted of $(0.56), and EPS-diluted-adjusted of $(0.50)
- EPS-diluted-adjusted includes a $0.08 gain from PSA revaluations
- Income of $(0.8) billion, and EBIT-adjusted of $(0.5) billion
- Revenue of $16.8 billion
- Automotive liquidity of $30.6 billion
- Automotive operating cash flow of $(8.0) billion, and adjusted automotive free cash flow of $(9.0) billion
- GM North America EBIT-adjusted near breakeven at $(0.1) billion
- GM Financial EBT-adjusted of $0.2 billion
For complete details and to see reconciliations of non-GAAP measures to their most directly comparable GAAP measures, click here to download the full press release, or visit the GM Investor Relations website.
General Motors (NYSE:GM) is committed to delivering safer, better and more sustainable ways for people to get around. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Chevrolet, Buick, GMC, Cadillac, Holden, Baojun, and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety and security services, can be found at http://www.gm.com.
Cautionary Note on Forward-Looking Statements: This press release contains forward-looking statements that represent our current judgment about possible future events. In making these statements we rely on assumptions and analysis based on our experience and perception of historical trends, current conditions and expected future developments as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any events or financial results, and our actual results may differ materially due to a variety of important factors, both positive and negative. A list and description of these factors can be found in our Annual Report on Form 10-K and our subsequent filings with the U.S. Securities and Exchange Commission. We caution readers not to place undue reliance on forward-looking statements. We undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events or other factors that affect the subject of these statements, except where we are expressly required to do so by law.
SOURCE General Motors Co.
© 2020 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.
